|
($ in thousands, except for per share data)
|
June 30, 2012
|
June 30, 2011
|
December 31, 2011
|
|||||||||
|
Assets
|
||||||||||||
|
Cash and due from banks
|
$ | 13,140 | $ | 13,113 | $ | 11,897 | ||||||
|
Interest-bearing deposits
|
105,102 | 54,768 | 98,355 | |||||||||
|
Federal funds sold
|
--- | --- | --- | |||||||||
|
Securities available for sale
|
189,768 | 190,674 | 174,918 | |||||||||
|
Securities held to maturity
|
146,451 | 136,399 | 143,995 | |||||||||
|
Total securities
|
336,219 | 327,073 | 318,913 | |||||||||
|
Mortgage loans held for sale
|
1,395 | 248 | 2,623 | |||||||||
|
Loans:
|
||||||||||||
|
Loans, net of unearned income and deferred fees
|
586,223 | 593,572 | 588,470 | |||||||||
|
Less: allowance for loan losses
|
(8,168 | ) | (8,494 | ) | (8,068 | ) | ||||||
|
Loans, net
|
578,055 | 585,078 | 580,402 | |||||||||
|
Bank premises and equipment, net
|
10,618 | 10,232 | 10,393 | |||||||||
|
Accrued interest receivable
|
6,273 | 6,255 | 6,304 | |||||||||
|
Other real estate owned
|
871 | 1,855 | 1,489 | |||||||||
|
Intangible assets
|
9,918 | 11,001 | 10,460 | |||||||||
|
Bank-owned life insurance
|
20,170 | 17,580 | 19,812 | |||||||||
|
Other assets
|
6,507 | 7,654 | 6,454 | |||||||||
|
Total assets
|
$ | 1,088,268 | $ | 1,034,857 | $ | 1,067,102 | ||||||
|
Liabilities and Stockholders' Equity
|
||||||||||||
|
Noninterest-bearing deposits
|
$ | 146,899 | $ | 136,041 | $ | 142,163 | ||||||
|
Interest-bearing demand deposits
|
423,272 | 384,329 | 404,801 | |||||||||
|
Savings deposits
|
65,398 | 59,909 | 61,298 | |||||||||
|
Time deposits
|
299,869 | 311,908 | 311,071 | |||||||||
|
Total deposits
|
935,438 | 892,187 | 919,333 | |||||||||
|
Other borrowed funds
|
--- | --- | --- | |||||||||
|
Accrued interest payable
|
173 | 237 | 206 | |||||||||
|
Other liabilities
|
5,970 | 6,125 | 6,264 | |||||||||
|
Total liabilities
|
941,581 | 898,549 | 925,803 | |||||||||
|
Stockholders' Equity
|
||||||||||||
|
Preferred stock of no par value. Authorized 5,000,000 shares; none issued and outstanding
|
--- | --- | --- | |||||||||
|
Common stock of $1.25 par value. Authorized 10,000,000 shares; issued and outstanding 6,939,974 shares at June 30, 2012, 6,937,974 at June 30, 2011 and 6,939,974 at December 31, 2011
|
8,675 | 8,672 | 8,675 | |||||||||
|
Retained earnings
|
139,036 | 128,129 | 133,945 | |||||||||
|
Accumulated other comprehensive loss
|
(1,024 | ) | (493 | ) | (1,321 | ) | ||||||
|
Total stockholders' equity
|
146,687 | 136,308 | 141,299 | |||||||||
|
Total liabilities and stockholders' equity
|
$ | 1,088,268 | $ | 1,034,857 | $ | 1,067,102 | ||||||
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
|||||||||||||
|
($ in thousands, except for per share data)
|
||||||||||||||||
|
Interest Income
|
||||||||||||||||
|
Interest and fees on loans
|
$ | 8,753 | $ | 9,107 | $ | 17,631 | $ | 18,202 | ||||||||
|
Interest on federal funds
|
--- | --- | --- | --- | ||||||||||||
|
Interest on interest-bearing deposits
|
56 | 35 | 127 | 67 | ||||||||||||
|
Interest on securities - taxable
|
1,782 | 1,713 | 3,371 | 3,375 | ||||||||||||
|
Interest on securities - nontaxable
|
1,591 | 1,620 | 3,167 | 3,296 | ||||||||||||
|
Total interest income
|
12,182 | 12,475 | 24,296 | 24,940 | ||||||||||||
|
Interest Expense
|
||||||||||||||||
|
Interest on time deposits of $100,000 or more
|
391 | 505 | 816 | 1,066 | ||||||||||||
|
Interest on other deposits
|
1,627 | 1,841 | 3,319 | 3,659 | ||||||||||||
|
Interest on borrowed funds
|
--- | --- | --- | --- | ||||||||||||
|
Total interest expense
|
2,018 | 2,346 | 4,135 | 4,725 | ||||||||||||
|
Net interest income
|
10,164 | 10,129 | 20,161 | 20,215 | ||||||||||||
|
Provision for loan losses
|
1,104 | 753 | 1,776 | 1,553 | ||||||||||||
|
Net interest income after provision for loan losses
|
9,060 | 9,376 | 18,385 | 18,662 | ||||||||||||
|
Noninterest Income
|
||||||||||||||||
|
Service charges on deposit accounts
|
651 | 648 | 1,282 | 1,260 | ||||||||||||
|
Other service charges and fees
|
41 | 59 | 90 | 117 | ||||||||||||
|
Credit card fees
|
840 | 827 | 1,634 | 1,560 | ||||||||||||
|
Trust income
|
440 | 307 | 766 | 553 | ||||||||||||
|
Bank-owned life insurance
|
200 | 186 | 400 | 370 | ||||||||||||
|
Other income
|
112 | 77 | 211 | 168 | ||||||||||||
|
Realized securities gains (losses), net
|
(1 | ) | (14 | ) | 52 | (4 | ) | |||||||||
|
Total noninterest income
|
2,283 | 2,090 | 4,435 | 4,024 | ||||||||||||
|
Noninterest Expense
|
||||||||||||||||
|
Salaries and employee benefits
|
2,954 | 2,823 | 5,910 | 5,727 | ||||||||||||
|
Occupancy and furniture and fixtures
|
397 | 435 | 794 | 858 | ||||||||||||
|
Data processing and ATM
|
424 | 429 | 816 | 873 | ||||||||||||
|
FDIC assessment
|
101 | 350 | 210 | 696 | ||||||||||||
|
Credit card processing
|
638 | 646 | 1,210 | 1,232 | ||||||||||||
|
Intangibles and goodwill amortization
|
271 | 271 | 542 | 542 | ||||||||||||
|
Net costs of other real estate owned
|
103 | 95 | 151 | 229 | ||||||||||||
|
Franchise taxes
|
226 | 215 | 388 | 457 | ||||||||||||
|
Other operating expenses
|
617 | 761 | 1,421 | 1,495 | ||||||||||||
|
Total noninterest expense
|
5,731 | 6,025 | 11,442 | 12,109 | ||||||||||||
|
Income before income tax expense
|
5,612 | 5,441 | 11,378 | 10,577 | ||||||||||||
|
Income tax expense
|
1,272 | 1,225 | 2,609 | 2,337 | ||||||||||||
|
Net income
|
$ | 4,340 | $ | 4,216 | $ | 8,769 | $ | 8,240 | ||||||||
|
Basic net income per share
|
$ | 0.63 | $ | 0.61 | $ | 1.26 | $ | 1.19 | ||||||||
|
Fully diluted net income per share
|
$ | 0.62 | $ | 0.61 | $ | 1.26 | $ | 1.19 | ||||||||
|
Weighted average outstanding number of common shares
|
||||||||||||||||
|
Basic
|
6,939,974 | 6,936,501 | 6,939,974 | 6,935,148 | ||||||||||||
|
Diluted
|
6,957,445 | 6,946,852 | 6,956,041 | 6,952,159 | ||||||||||||
|
Dividends declared per share
|
$ | 0.53 | $ | 0.48 | $ | 0.53 | $ | 0.48 | ||||||||
|
Dividend payout ratio
|
--- | --- | 41.94 | 40.40 | ||||||||||||
|
Book value per share
|
$ | 21.14 | $ | 19.65 | $ | 21.14 | $ | 19.65 | ||||||||
|
Three Months Ended
|
||||||||
|
($ in thousands, except for per share data)
|
June 30, 2012
|
June 30, 2011
|
||||||
|
Net Income
|
$ | 4,340 | $ | 4,216 | ||||
|
Other Comprehensive Income, net of tax
|
||||||||
|
Unrealized holding gains on available for sale securities net of deferred taxes of $662 and $925
|
1,229 | 1,718 | ||||||
|
Reclassification adjustment, net of income taxes of $2 and $7
|
4 | 12 | ||||||
|
Other comprehensive income, net of tax of $664 and $932
|
$ | 1,233 | $ | 1,730 | ||||
|
Total Comprehensive Income
|
$ | 5,573 | $ | 5,946 | ||||
|
Six Months Ended
|
||||||||
|
($ in thousands, except for per share data)
|
June 30, 2012
|
June 30, 2011
|
||||||
|
Net Income
|
$ | 8,769 | $ | 8,240 | ||||
|
Other Comprehensive Income, net of tax
|
||||||||
|
Unrealized holding gains on available for sale securities net of deferred taxes of $173 and $1,153
|
322 | 2,141 | ||||||
|
Reclassification adjustment, net of income taxes of $(13) and $4
|
(25 | ) | 7 | |||||
|
Other comprehensive income, net of tax of $160 and $1,157
|
$ | 297 | $ | 2,148 | ||||
|
Total Comprehensive Income
|
$ | 9,066 | $ | 10,388 | ||||
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
Average Balances
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
||||||||||||
|
Cash and due from banks
|
$ | 12,121 | $ | 12,290 | $ | 12,169 | $ | 11,857 | ||||||||
|
Interest-bearing deposits
|
88,152 | 59,465 | 99,352 | 56,792 | ||||||||||||
|
Securities available for sale
|
202,783 | 188,590 | 189,004 | 188,044 | ||||||||||||
|
Securities held to maturity
|
142,123 | 132,613 | 141,433 | 132,469 | ||||||||||||
|
Mortgage loans held for sale
|
1,264 | 512 | 1,238 | 603 | ||||||||||||
|
Gross loans
|
586,120 | 588,145 | 585,600 | 586,801 | ||||||||||||
|
Loans, net
|
576,996 | 578,824 | 576,290 | 577,723 | ||||||||||||
|
Intangible assets
|
10,073 | 11,157 | 10,209 | 11,292 | ||||||||||||
|
Total assets
|
1,076,975 | 1,027,361 | 1,072,910 | 1,022,196 | ||||||||||||
|
Total deposits
|
923,982 | 885,295 | 921,187 | 881,319 | ||||||||||||
|
Other borrowings
|
--- | --- | --- | --- | ||||||||||||
|
Stockholders' equity
|
146,625 | 135,159 | 145,113 | 133,182 | ||||||||||||
|
Interest-earning assets
|
1,015,458 | 967,328 | 1,011,703 | 963,343 | ||||||||||||
|
Interest-bearing liabilities
|
782,875 | 750,735 | 781,840 | 749,182 | ||||||||||||
|
Financial ratios
|
||||||||||||||||
|
Return on average assets
|
1.62 | % | 1.65 | % | 1.64 | % | 1.63 | % | ||||||||
|
Return on average equity
|
11.90 | % | 12.51 | % | 12.15 | % | 12.48 | % | ||||||||
|
Net interest margin
|
4.40 | % | 4.59 | % | 4.39 | % | 4.64 | % | ||||||||
|
Net interest income - fully taxable equivalent
|
$ | 11,119 | $ | 11,080 | $ | 22,059 | $ | 22,146 | ||||||||
|
Efficiency ratio
|
42.76 | % | 45.70 | % | 43.19 | % | 46.27 | % | ||||||||
|
Average equity to average assets
|
13.61 | % | 13.16 | % | 13.53 | % | 13.03 | % | ||||||||
|
Allowance for loan losses
|
||||||||||||||||
|
Beginning balance
|
$ | 8,063 | $ | 8,245 | $ | 8,068 | $ | 6,926 | ||||||||
|
Provision for losses
|
1,104 | 753 | 1,776 | 1,499 | ||||||||||||
|
Charge-offs
|
(1,033 | ) | (517 | ) | (1,733 | ) | (971 | ) | ||||||||
|
Recoveries
|
34 | 13 | 57 | 99 | ||||||||||||
|
Ending balance
|
$ | 8,168 | $ | 8,494 | $ | 8,168 | $ | 7,553 | ||||||||
|
Nonperforming assets
|
June 30, 2012
|
June 30, 2011
|
||||||
|
Nonaccrual loans
|
$ | 3,627 | $ | 1,819 | ||||
|
Nonaccrual restructured loans
|
3,763 | 5,030 | ||||||
|
Total nonperforming loans
|
7,390 | 6,849 | ||||||
|
Other real estate owned
|
871 | 1,855 | ||||||
|
Total nonperforming assets
|
$ | 8,261 | $ | 8,704 | ||||
|
Accruing restructured loans
|
$ | 2,035 | $ | 780 | ||||
|
Loans 90 days or more past due
|
$ | 242 | $ | 572 | ||||
|
Asset quality ratios
|
||||||||
|
Nonperforming assets to loans net of unearned income and deferred fees, plus other real estate owned
|
1.41 | % | 1.46 | % | ||||
|
Allowance for loan losses to total loans
|
1.39 | % | 1.43 | % | ||||
|
Allowance for loan losses to nonperforming loans
|
110.53 | % | 124.02 | % | ||||
|
Loans past due 90 days or more to loans net of unearned income and deferred fees
|
0.04 | % | 0.10 | % | ||||